Coin columns · Ethereum City (Capital)
Blockchain Capital (BCAP): A Security Token Holding a Venture Fund
A tokenized venture fund for qualified investors
BCAP is a security token on Ethereum that represents shares in a fund run by Blockchain Capital, a venture firm investing in crypto and blockchain start-ups. Unlike ordinary coins, it can be held only by qualified investors.
1. What it is and who built it
Blockchain Capital is a US venture firm focused on blockchain and crypto, founded in 2013 and counted among the early investors in the field. From 2017 it worked with the tokenization platform Securitize to turn its fund into a token, and the result is BCAP, often described as the first tokenized fund and security token.
The issuer is listed as the Blockchain Capital III Digital Liquid Venture Fund, managed by Blockchain Capital, with Securitize handling distribution, transfers and payments. On the Crypto Nation map, BCAP stands in Ethereum City (the capital), because it was issued on Ethereum.
2. How a token represents a fund
One BCAP token represents a share of the fund, and its value follows the net asset value (NAV) of the fund’s investments. Those include stakes in private start-ups, which are valued periodically, so the market price and the NAV can differ. The token follows Ethereum’s ERC-20 format, but it cannot be sent to just any wallet.
Under Regulation D, a US private-offering exemption, it may be held by accredited investors in the US and professional investors elsewhere. Security tokens like this normally limit transfers to approved wallets, managing eligibility and transfers through code and registers.
3. Uses and milestones
BCAP is not a coin the general public buys on an exchange but a way for qualified investors to put money into a venture fund. What was new was that the fund itself was a token. Keeping shares and registers on a blockchain ledger instead of paper was said to cut the cost of transfers and settlement.
The 2017 to 2019 collaboration is seen as an early step for tokenized securities, and Blockchain Capital later invested in Securitize. Securitize was reported to have listed on the New York Stock Exchange through a SPAC merger in July 2026. BCAP is also said to be moving onto ZKsync infrastructure alongside Ethereum.
4. Things to know
BCAP’s value depends on how assets such as private start-up stakes and token holdings are valued, so what a holder can actually sell for may differ from the stated value. Venture investing means only some bets succeed, payback takes long, and management and performance fees apply. A market capitalization shown on a coin site may rest on the fund’s valuation, so it should not be read like an ordinary coin’s.
Only qualified investors can buy it and transfers are restricted, so trading is thin and selling quickly may be hard. Securities and fund rules differ by country, so who may use it varies, and the structure depends on Securitize and the manager. Details should be checked in the offering documents.
Written from information public up to October 2026. It does not recommend or rate any coin and is not investment advice. If something is wrong, please tell us through the contact page.